If you already reported the gain on the sale of this
property, meaning that you did not treat this as an installment sale, but
instead reported all of the gain in the year of sale, you would simply report
the interest paid to you from the buyer as Interest
income. Specifically, you would enter it as Interest from Seller-Financed Loans. See the screenshot below.
Proceed through that section and enter all the necessary information.
As far as the interest that you pay is concerned, it’s
possible that this interest qualifies as investment interest expense, which is
limited to the amount of investment income you earned for the year. You report
investment interest expense in the section Retirement
and Investments. See the screenshot. Proceed through that section, reading
all the information provided and making all the necessary entries.
There is no deduction for the time spent working with the
owners.
See this link concerning Investment
Interest Expense, and also see the link below.
https://turbotax.intuit.com/tax-tools/tax-tips/Investments-and-Taxes/What-Are-Deductible-Investment-...
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